Like all business owners, a medical practitioner needs to have a business plan before opening a practice.
In order to be successful and profitable, the practice needs to have clear goals, patient values, and an ethical set of rules to regulate the business. This includes identifying your short and long-term business strategy, plus hashing out the details regarding marketing, staffing, and patient retention plans.
Sound complicated?
We’re about to make it much simpler.
There are many ways to create a business plan for your practice, and no two plans are the same. Below are some of the best resources online for creating a realistic business plan for your practice – these can help guide you through the process of starting your own business and making it last.
#1. HealthEngine’s checklist for opening a medical practice
Looking for a quick read before heading back in to see patients?
This checklist from Australia’s HealthEngine is perfect for creating a viable business plan… and it takes a total of four minutes to read.
HealthEngine’s checklist offers guidance on how to come up with short and long-term strategies, plus pull-together details on marketing, staffing and patient retention plans. You can also learn how to get your practice up and running, then smash financial goals.
A final added bonus – HealthEngine provides advice about completing a competitor analysis to better understand the environment you’ll be practising in, along with your competitive advantage. What makes your practice different? Why would patients choose you over other competitors?
You can answer these questions and create a well-thought-out plan with this checklist.
#2. Clinic To Cloud’s guide to making a medical practice profitable
In business, being a successful, dedicated medical practitioner is not enough.
In 2018, a study on global healthcare issues outlined that, “public and private health systems have been experiencing revenue pressures, rising costs and stagnating or declining margins.”
In order to combat this tough (and getting tougher) sector, a practice owner needs to have medical expertise and business know-how. Without a harmonious blend of the two, it will be difficult to create a profitable business that meets the expectations of patients.
In this blog post from Clinic To Cloud, Michael Derin – CEO of Azure Group Accounting & a long-term corporate advisor – explains what is needed to make a medical practice profitable. To build a thriving business, practice owners need to have an actionable healthcare business plan, complete with a realistic goal and value-based care model for patients.
Learn more from Derin’s blog and start building a realistic healthcare business plan!
#3. Department of Health practitioner guidelines and resources
You can’t open a new medical practice without scouring the Department of Health. This is an absolute essential for medical practitioners hoping to succeed (or keep practicing) in medicine.
The Department of Health has countless resources for both patients and medical practitioners, including important legislation for medical practitioners and nurses, as well as guidelines for health funds, My Health Record, and Medicare.
Some notable resources include:
- Health Care Compliance
- Compliance Audits + Review
- National Men’s + Women’s Health
- Aboriginal + Torres Strait Islander Health
These resources should be used to guide your business plan and practice, as well as assist with keeping in line with the relevant legislation. Before opening a medical practice, make sure to read and print the comprehensive range of information from the Australian Government. These documents will help build a realistic business plan and ensure your practice remains ethical, profitable and legal for years to come.
Create a viable business plan with these essential resources
You can’t jump into business ownership without a well-considered plan. This is even more important for medical practitioners hoping to create a successful practice. There’s no such thing as jumping in with good intentions alone – businesses need meticulous planning, long as well as short-term goals, and a bullet-proof customer value system that will keep customers coming back for more.
Before opening a brand new medical practice, read through the resources listed above and think:
- What makes our practice different from all the others?
- What is our value proposition?
- Where do we want to be in six months?
- Where do we want to be in a year?
- How can we make our business profitable, while still fair?
The Australian Government Department of Industry, Innovation and Science have put together a great template and guide to get started with your business plan.
Finished creating a business plan? Get in touch with our professional team of advisers based in Toronto, Newcastle.
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